H.3 (502) Table 2 AGGREGATE RESERVES OF DEPOSITORY INSTITUTIONS AND THE MONETARY BASE Not adjusted for changes in reserve requirements(1) Not seasonally adjusted Millions of dollars

Reserves of depository institutions

Vault cash(5)

Date

total(2)

nonborrowed base(3)

required

Monetary base(3)

Reserve balances with F.R. Banks(4)

total

used to satisfy required reserves(6

surplus(7)

Net carryover of reserve balances(8)

Month(9)

2003-July

43593

43463

41659

717038

12179

42650

31414

11237

Aug.

46105

45776

42338

720544

14142

43019

31963

11056

Sep.

44437

44257

42927

720721

12491

43075

31946

11129

Oct.

43127

43019

41653

724368

11606

43380

31520

11859

Nov.

42651

42582

41161

729473

11525

42598

31126

11472

Dec.

42925

42879

41887

737601

10845

44077

32080

11997

2004-Jan.

45404

45298

44505

736224

11528

46583

33876

12707

Feb.

43778

43736

42577

734833

10819

46429

32959

13470

Mar.

44049

43997

42291

736324

11932

44402

32117

12285

Apr.

45964

45878

44209

740224

14000

42843

31964

10879

May

46300

46188

44707

743748

14080

43050

32220

10830

June

45534

45353

43700

749323

13052

43610

32481

11129

July

46202

45957

44517

756485

12796

44481

33406

11075

2 weeks ending(10)

2004-June 23

45725

45542

43792

747564

13188

43342

32537

10805

103

July 7

45110

44887

43162

754649

12174

45361

32936

12425

93

21

45351

45110

43982

757116

12361

44021

32990

11031

228

Aug. 4

48158

47894

46216

756886

13840

44511

34319

10192

138

18p

42185

41943

40837

755806

9864

45863

32322

13541

365

1. Reflects actual required reserves, with no adjustments to eliminate the effects of discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. 3. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks plus (3) the currency component of the money stock plus (4), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the difference between current vault cash and the amount applied to satisfy current reserve requirements. Currency and vault cash figures are measured over computation periods ending on Mondays. 4. Excludes required clearing balances and adjustments to compensate for float and includes other off-balance sheet "as-of" adjustments. 5. Vault cash eligible to satisfy reserve requirements. It includes only vault cash held by those banks and thrifts that are not exempt from reserve requirements. Dates refer to the maintenance periods in which the vault cash can be used to satisfy reserve requirements. 6. All vault cash held during the lagged computation period by "bound" institutions (i.e., those whose required reserves exceed their vault cash) plus the amount of vault cash applied during the maintenance period by "nonbound" institutions (i.e., those whose vault cash exceeds their required reserves) to satisfy current reserve requirements. 7. Total vault cash eligible to satisfy reserve requirements, held by depository institutions not exempt from reserve requirements, minus the amount used to satisfy reserve requirements. 8. Consists of carryover only at depository institutions maintaining reserves on the basis of two-week maintenance periods. Reflects excess (+) or deficit (-) reserves eligible to be carried forward into the two-week reserve maintenance period ending on the date shown. 9. Prorated averages of biweekly averages.10. Averages of daily figures. p preliminary

1. Figures reflect adjustments for discontinuities, or "breaks", associated with regulatory changes in reserve requirements. 2. Break-adjusted total reserves equal break-adjusted required reserves (Table 3, column 3) plus excess reserves NSA (Table 1, column 5). 3. To adjust required reserves for discontinuities due to regulatory changes in in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves are equal to break-adjusted required reserves against transactions deposits. 4. The break-adjusted monetary base equals (1) break-adjusted total reserves plus (2) the (unadjusted) currency component of the money stock plus (3), for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves, the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. 5. Prorated averages of biweekly averages. 6. Averages of daily figures. p preliminary

Note: Current and historical H.3 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or 202-482-1986.